Shopping cart abandonment real time webtrends silverpop
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Data Driven Email Remarketing for Shopping Cart Abandonment Rick Weithas, Senior Solutions Marketing Manager - Webtrends Loren McDonald, VP Industry Relations - Silverpop #WebinarWednesday
Transcript of Shopping cart abandonment real time webtrends silverpop
Data Driven Email Remarketing for Shopping Cart Abandonment
Rick Weithas, Senior Solutions Marketing Manager - WebtrendsLoren McDonald, VP Industry Relations - Silverpop
#WebinarWednesday
Today’s Moderators
Loren McDonald - VP, Industry [email protected]@LorenMcDonald
Rick Weithas - Sr. Solutions Marketing [email protected]@Webtrends
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Silverpop – Behavioral Marketing Automation
Single
Identity
Behaviors
Marketing Database
Interaction Engine
Automation
Multi-channel
AGENDA
• Brief Introductions• Data and Email Remarketing• Shopping Cart Abandonment• Personalization in Context • Questions & Answers
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“E-Commerce is projected to grow to $370 billion a year by 2017”
Forrester
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“Advertisers will spend $77 billion on interactive marketing by 2016 to get customers to their site” — Forrester
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Yet…..
98% of Website visitors don’t complete the desired action in most recent session
Abandonment costs retailers $18 billion per year!
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Email Remarketing – Solution for Abandonment
Drive Customer Engagement• Visitors Who Abandoned:
Browse Didn’t BuyShopping Cart Abandonment
• Customers Who Converted:Cross Sell / Up Sell
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GREAT EXPERIENCES REQUIRE ALL THE PIECESCustomer insightContent in contextAt the right time
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Email Remarketing: How it Works
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Email Remarketing: How It Works
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Shopping Cart Abandonment Loren McDonald - Silverpop
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My Topics Covered
Opportunity 5 Best Practices
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Why Cart Abandonment Remarketing?- 3 Reasons…
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— Multiple Sources
“60–70%”
1. Cart abandonment is a HUGE challenge
Up to 70% of Shopping Carts are Abandoned before Checkout
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87% of consumers abandon carts…75% say they will return to complete the purchase.
Source: Amaze/University of Glasgow
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2. A Huge Revenue Oppoprtunity
Conversion
Cart Abandonment
Browse Abandonment
Cart Abandonment: 1-step from revenue
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up to 50% conversion.
Following up with abandoners by email yields
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3. Most marketers are leaving a HUGE amount of money on the table?”
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Daily Conversion Daily Average Annual Initial Abandonment Rate Conversions Order Business Days Bookings
12,000 1% 120 $35.00 270 $1,134,000
12,000 2% 240 $35.00 270 $2,268,000
12,000 3% 360 $35.00 270 $3,402,000
The Cart Abandonment Opportunity
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Relative VolumeAbandon Cart
Emails0.3%
Promotional Emails99.7%
Sample: Cart vs Broadcast Emails
Relative Sales
Abandon Cart Emails18.6%
Promotional Emails81.4%
High % of sales relative to volume
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Cart Remarketing Best Practices?
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Before we start … where does the email address come from?
Account Registration – logged in
Email Subscriber – clicked through
“Remarketable” Abandoners
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Cart Abandonment Remarketing – Key Success Elements
Speed
Relevance
Repetition“Tone”/Helpful
Urgency
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1. Speed
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Speed matters. The longer you wait, the greater chance the prospect has
purchased from a competitor.
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Some potential exceptions …
Travel – pricing changes
B2B Ecommerce – Purchase Orders
Financial Services - Culture
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Stage Conversion Open Rate Revenue / email
1: Real time
22% 70% $11
2: 24 hours
7% 65% $4
3: 7 days 6% 60% $3
Total 35% Average 65%
Average $6
Source: SeeWhy
Results –Phase 1 and 2 (real-time)
Phase 1 Phase 2 Lift
Open Rate 17.50% 20.25% 16%
Click-through Rate 9.02% 12.80% 42%
Conversion Rate 12.65% 15.31% 21%
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Webtrends Streams beta clientsaw 55% conversion increase moving real-time from 1 hour after abandonment.
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2. Relevance
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Product image and description
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Results:
• 38.5% open rate
• 10.15% CTR
• 50% conversion rate
• $4.80 revenue/emailDynamic product
recommendations
Recommendations
Reviews
Use offers and incentives carefully
Use later in seriesTest impact/need Think beyond discounts
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3. Repetition – Develop a Series
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Power of Deploying a Series
Cart Email ADay 1
Cart Email B
Day 3
Cart Email CDay 5 AVERAG
E
Open Rate 40% 39% 32% 37%
Click-to-Open 44% 47% 28% 41%
Click-thru-Rate 18% 18% 9% 15%
Conversion Rate
22% 15% 24% 20%
Sales/email $8.60 $8.40 $5.04 $7.46#WebinarWednesday
4. “Tone”/Helpful
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Contextual – Know your customer
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• Aaron - Real person• Service tone• 50% conversion rate
“Human” and Helpful Remarketing
5. Urgency
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Deadline/Sense of Urgency
Get creative – think beyond “recency”
“Only 100 items left”
“Price is going up”
“Sold out … recommend..”
“Cart is about to expire …”
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Shopping Cart Abandonment with Webtrends Streams
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Email Remarketing with Webtrends Streams
Customer CentricVisitor level behavioral insight around abandons, browsing, purchases, etc.
Right TimeImmediate remarketing
ActionableAction Center delivers customer insight directly to email partner platforms
Customer Centric
Actionable
Right Time
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Webtrends Streams: A New Solution for Email Remarketing
+Real-Time
Customer Centric
Actionable
HistoricalAnalytics
Real-Time Analytics
Use Cases
Dashboards, campaigns, multi-touch attribution,
data mining. All in the past hours to days old.
High level trending, campaigns, summary-level
analysis hours to minutes old.
Push API powers content & offer relevance, visitor engagement, ad targeting, social interaction,
trends, referrals.
As-it-happens
Machine-to-machine
Visitor–level detail +
+
+
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Customer Views Product on Website
Remarketing Email
Declining Probability of Conversion
24-48 hrs later
Current Industry Email Remarketing Programs
Customer Abandons Website
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Customer Abandons Website
Immediately after Abandonment+
Key Behavioral Information=
Improved Time & Relevance
Declining Probability of Conversion
Email Remarketing w/ Webtrends Streams
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Webtrends Streams
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Webtrends Streams Lab
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Complete Visitor Level Behavioral Insight
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Action Center – Visitor Insight to Email Remarketing
Action Center – Direct to Email Partner Platform
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Remarket at Just the Right Time
• 24-48 hours, or days later was the norm
• Shortening this window increases likelihood to purchase
• Webtrends Streams delivers in the moment insight and action with key behaviors
• Find the right window and context with Webtrends Streams
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Measure Success Example Shopping Cart Abandon Email ROI Program Trial
Emails Sent 20,000
20,000
Open rate 25% 30%
Opens 5,000 6,000
Click thru rate 15% 25%
Clicks 750 1,500
Click to Conversion Rate
15% 18%
Orders 112 270
AOV $250 $300
Potential Sales $28K $81K
Sales/Email $2.52 $6.75
Time and Message Relevance Drives Email Remarketing Performance
Open RateClick Thru RateClick to Conversion RateProgram Revenue
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Getting Started w/ Webtrends Email Remarketing
Webtrends CustomersLeverage Existing Tag
New CustomersSimple Site Tagging
Webtrends Email Partners
SilverpopResponsysExactTarget
Customer Centric
Actionable
Right Time
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